Gold falls due to the increase in the dollar, as the rise in inflation is considered transient

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Spot gold fell 0.9 percent to $1,881.80 an ounce by 14:07 GMT. US gold futures fell 0.7 percent to $1,883.30.

  • Gold falls due to the increase in the dollar, as the rise in inflation is considered transient
    Gold falls due to the increase in the dollar, as the rise in inflation is considered transient

Gold prices fell on Friday, dragged down by a stronger dollar as some investors bet that recent rises in US consumer prices are temporary.

And gold fell in spot transactions 0.9 percent to $ 1881.80 an ounce by 14:07 GMT. US gold futures fell 0.7 percent to $1,883.30.

The dollar index also rose 0.4 percent, which reduces the appetite for the metal for investors holding other currencies.

US employment and consumer price index data failed to push gold above the $1,900 level, indicating a slowdown in inflation hedge flows at the same time as present flows were declining, said commodity analyst TD Securities.

“As a result, gold will incur losses,” he said.

Recall that this morning, Gold prices soar Above $1900 an ounce, supported by a weaker dollar, and lower US Treasury yields.

This Thursday’s data revealed that US consumer prices rose strongly in May, but analysts say the increase is likely to be fleeting and that fears about the Federal Reserve’s tightening policy have eased.

As for other precious metals, palladium rose 0.8 percent to $ 2798.92 an ounce, and platinum advanced 0.1 percent to $ 1151.52.

Silver also rose 0.6 percent to $28.14 an ounce.





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